Begbies Traynor reports ‘strong’ results

Begbies Traynor has hailed a “strong” performance in its half-year results.

The group reported revenue growth of 21% in the six months ended 31 October 2019, with revenue increasing from £28m to £33.8m. 

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The insolvency firm, that specialises in business recovery, financial advisory and property services consultancy, also reported an improved operating profit margin of 13.2%, up from the 12.6% margin reported in 2018.

It also enjoyed a 13% increase in interim dividend.

Investment in fee earning staff and teams led to organic development across its divisions, while the group also completed three successful acquisitions throughout the period.

The group is “confident” it will deliver full year results in line with expectations, with a further year of growth.

Executive chairman Ric Traynor said: “I am pleased to report a strong half year financial performance with growth in revenue and earnings, together with improved operating margins. 

“This reflects the benefit of the recent organic development of the group and our investment in acquisitions.

“The increased scale of the group’s activities, favourable conditions in the UK insolvency market and our strong financial position leaves the group well placed to continue our track record of revenue and profit growth.”

He added: “Following a strong financial performance in the first half of the year, the board remains confident of delivering results at least in line with current market expectations for the full year, including the benefit of the first-time contribution in the second half from our recent acquisitions.” 

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